Vinhomes (VHM) Total Assets Surpass VND 1.1 Quadrillion, H1 Net Profit Jumps 380%

Overview

Vinhomes (VHM), the real estate arm of Vingroup, reported record total assets exceeding VND 1.1 quadrillion as of June 30, 2026, and a net profit surge of nearly 380% year-on-year in the first half of 2026. The strong results were driven by robust handovers at key projects such as Vinhomes Ocean Park 2 & 3 and Vinhomes Green Paradise.

Key Facts

• Total assets reached over VND 1.1 quadrillion as of June 30, 2026, an increase of VND 240 trillion from the end of Q1 2026.
• H1 2026 consolidated net profit was VND 52.092 trillion, up nearly 380% YoY, achieving 86.8% of the full-year target.
• H1 2026 consolidated net revenue (including revenue from business cooperation contracts and bulk sales) was VND 134.205 trillion, up 203% YoY.
• Q2 2026 gross profit surged more than 8x YoY to VND 34.732 trillion, with a gross margin of nearly 66%.
• Sales in H1 2026 reached VND 148.104 trillion, up 119% YoY; backlog (unrecognized revenue) stood at VND 196.813 trillion, up 42% YoY.
• New project launches in H1 2026 include Vinhomes Sai Gon Park (HCMC), Vinhomes Global Gate Ha Long (Quang Ninh), and Vinhomes Hai Van Bay (Da Nang).

What Happened

Vinhomes released its consolidated Q2 2026 financial statements, revealing a record total asset base of over VND 1.1 quadrillion as of June 30, 2026. The company’s equity stood at VND 274.005 trillion. The strong balance sheet growth was fueled by robust sales and handovers across its project portfolio.

Net profit for the first half of 2026 surged nearly 380% year-on-year to VND 52.092 trillion, already covering 86.8% of the full-year plan. The company attributed the performance to strong handovers at flagship projects, particularly Vinhomes Ocean Park 2 & 3 and Vinhomes Green Paradise. Gross profit in Q2 alone increased more than eightfold, with margins improving to nearly 66%, reflecting higher-quality earnings from core real estate activities.

Market Context

VHM shares closed at VND 147 on July 30, 2026, up 5.14% on volume of 5.16 million shares, outperforming the broader market. The stock has been supported by strong operational momentum and positive sentiment around Vingroup’s ecosystem. VHM is listed on HOSE and is the largest real estate developer by market capitalization in Vietnam. The record asset milestone and profit surge reinforce VHM’s dominant position in the residential segment, particularly in the high-end and mega-urban project space.

Strategic Significance

The results underscore Vinhomes’ ability to scale its asset base and profitability simultaneously, driven by a pipeline of large-scale projects. The company’s strategy of launching multiple new projects in H1 2026—Vinhomes Sai Gon Park, Global Gate Ha Long, and Hai Van Bay—demonstrates its capacity to sustain growth across different regions. The high gross margin and strong backlog provide visibility into future revenue recognition. For long-term investors, VHM’s expanding asset base and profit growth signal continued market leadership and pricing power in Vietnam’s real estate sector.

What to Watch

• Q3 2026 earnings release to assess whether the profit momentum continues.
• Handover progress at newly launched projects (Sai Gon Park, Global Gate Ha Long, Hai Van Bay).
• Updates on Vingroup’s broader capital allocation and potential cross-holdings with other group entities.
• Regulatory developments regarding land allocation and project approvals in key markets.
• Foreign ownership trends, as VHM remains a key target for international investors.